Choosing a Legal Structure for Your Business
One of the first, and most important business decisions you'll have to make when starting a business is deciding on a legal structure for operating your business.
Your choice will affect:
- The extent of your personal liability for business debts
- The amount of taxes you'll pay
- The types of taxes you'll pay
- The tax forms you'll use
- Your filing deadlines
- Your ability to raise capital
- Your ability to attract employees
- How you transfer ownership of your business
- The cost of professional services to set up and maintain your business
Here are your choices:
For Freelancers and independent Contractors
- Organize your financial data into one central accounting system on the cloud
- Software kept up to date.
- Your data kept secure
- Anytime, anywhere data access.
- Pay your quarterly estimated taxes online.
- Export Schedule C to TurboTax at year-end for faster filing.
- Save up to 50% off QuickBooks Self-Employed. Track every deduction! Start your free trial now!
Have an accounting or bookkeeping question? Email it to me.
- Return to the Tax Basics for Startups Table of Contents to find related links.